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Some reasons for the existence of real bills

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  • Young-Yong Kim

Abstract

It is profitable to accept a bill as long as dishonouring probability of the bill is less than the ratio of operating income to sales, which is supported by empirical observations. Also accepting bills tends to establish high quality customer relationships, thereby increasing the long-run profits and decreasing their variability.

Suggested Citation

  • Young-Yong Kim, 2008. "Some reasons for the existence of real bills," Applied Economics Letters, Taylor & Francis Journals, vol. 15(15), pages 1191-1195.
  • Handle: RePEc:taf:apeclt:v:15:y:2008:i:15:p:1191-1195 DOI: 10.1080/13504850600993721
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    References listed on IDEAS

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    1. Toda, Hiro Y & Phillips, Peter C B, 1993. "Vector Autoregressions and Causality," Econometrica, Econometric Society, vol. 61(6), pages 1367-1393, November.
    2. Hafer, R W & Kutan, A M, 1994. "A Long-Run View of German Dominance and the Degree of Policy Convergence in the EMS," Economic Inquiry, Western Economic Association International, vol. 32(4), pages 684-695, October.
    3. MacDonald, Ronald & Taylor, Mark P, 1991. "Exchange Rates, Policy Convergence, and the European Monetary System," The Review of Economics and Statistics, MIT Press, vol. 73(3), pages 553-558, August.
    4. Hall, Anthony D & Anderson, Heather M & Granger, Clive W J, 1992. "A Cointegration Analysis of Treasury Bill Yields," The Review of Economics and Statistics, MIT Press, vol. 74(1), pages 116-126, February.
    5. Karfakis, Costas J & Moschos, Demetrios M, 1990. "Interest Rate Linkages within the European Monetary System: A Time Series Analysis," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 22(3), pages 389-394, August.
    6. repec:syd:wpaper:144 is not listed on IDEAS
    7. Johansen, Soren, 1991. "Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models," Econometrica, Econometric Society, vol. 59(6), pages 1551-1580, November.
    8. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
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